Instnt has introduced a new AI-powered fraud loss insurance program that transfers fraud risk to insurers, the company announced. The program, backed by global AM Best A-rated insurers, including Accredited and Howden, combines insurance coverage for fraud losses with AI for customer verification.
Instnt’s new offering aims to address limitations in traditional fraud prevention by combining insurance coverage with technology-driven risk assessment. The program features AI-driven risk assessment to identify patterns of fraudulent activity, online claim filing with payouts within 30 days and the ability to transfer fraud risk to insurers, potentially freeing capital for other business initiatives.
“Chief finance and risk officers, along with their teams, can finally add fraud loss insurance to their risk management programs to shift significant losses off their balance sheets and turn risk capital reserves into working capital, fattening margins and growing their business at the pace they desire, for cents on each dollar of loss,” said Sunil Madhu, founder and CEO of Instnt.
